Penalty proceedings u/s. 140A(3) for failure of assessees to pay the tax due from them on self assessment.

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....5 issued under their letter of even number dated 22-4-1971. 2. The Board have been receiving complaints about the delayed initiation of penalty proceedings u/s. 140A(3) for failure of assessees to pay the tax due from them on self assessment. It is being rightly observed that since the purpose of providing for such penalty is to produce a deterrent effect on persons failing to pay the tax admit....